Financial Aid Disbursement 2016-2017

Financial Aid Disbursement

Fall Semester 2016

Payment for fall semester classes is due by Friday Aug. 26, 2016, unless WSU has received a valid 2016-2017 FAFSA by Aug. 26, 2016.

Financial aid disbursement begins on Friday Sept. 2, 2015. Please note we disburse financial aid each day after the first disbursement date. Your actual disbursement date depends on when you applied for your aid and if we have received the funds yet for you. If you have applied for an optional alternative loan, a loan through a private lender, please allow 3-4 weeks for this loan to fully process. Check with your lender for your scheduled disbursement date (when the lender plans to release the funds to WSU).

Once a student’s WSU bill is paid (Charges for tuition, fees, and residence hall housing) and if there is an overage in aid, it can take up to three business days for banks to deposit student account credit balances into your personal bank account. Please make sure you have a direct deposit account set up with Winona State. To set up your direct deposit, please go to your student e-services page, (www.winona.edu; “Resources,” “Find a Course,” once logged in, click on “Financial Aid” and then “Direct Deposit Setup.”)

If aid is applied to your bill and there is still an amount owed, you should be prepared to pay that amount with a personal check or other funds. You may also want to look into the optional alternative loans if all other aid has been used. You may also want to review the extended payment plan option our Winona State Student Accounts/Billing Office offers.

You should be prepared to pay for books, supplies, and personal expenses from personal funds until financial aid disburses each semester. Bookstore loans through our WSU bookstore are available for a limited time at the beginning of each semester.

Spring Semester 2017

Payment for spring semester classes is due by Friday Jan. 13, 2017, unless WSU has received a valid 2016-2017 FAFSA by Jan. 12, 2017.

Financial aid disbursement begins on Friday Jan. 20, 2017. Please note we disburse financial aid each day after the first disbursement date. Your actual disbursement date depends on when you applied for your aid and if we have received the funds yet for you. If you have applied for an optional alternative loan, a loan through a private lender, please allow 3-4 weeks for this loan to fully process. Check with your lender for your scheduled disbursement date (when the lender plans to release the funds to WSU).

Once a student’s WSU bill is paid (Charges for tuition, fees, and residence hall housing) and if there is an overage in aid, it can take up to three business days for banks to deposit student account credit balances into your personal bank account. Please make sure you have a direct deposit account set up with Winona State. To set up your direct deposit, please go to your student e-services page,

If aid is applied to your bill and there is still an amount owed, you should be prepared to pay that amount with a personal check or other funds. You may also want to look into the optional alternative loans if all other aid has been used. You may also want to review the extended payment plan option our Winona State Student Accounts/Billing Office offers.

You should be prepared to pay for books, supplies, and personal expenses from personal funds until financial aid disburses each semester. Bookstore loans through our WSU bookstore are available for a limited time at the beginning of each semester.

Important Disbursement Information

Your aid will be available each semester according to the schedule shown above. Aid such as Federal Pell Grant, Minnesota State Grant, FSEOG and Federal Perkins Loan will be applied to your bill. Once your bill (charges for tuition, fees, and residence hall) is paid, any aid remaining will be direct deposited to your bank account. If aid is applied to your bill and there is still an amount owed, you should be prepared to pay that amount with a personal check or other funds.

Federal Direct and MN SELF loan funds are sent by the lender to WSU for delivery to the borrower. Any amount owed to WSU will be deducted. Because Direct loan funds can only be held for 3 days, you must notify the Financial Aid Office if you will be late registering so that your loan funds are not returned and your loan cancelled.

The Federal PLUS loan is electronically sent by the lender to WSU for delivery to the student’s account. Any amount owed to WSU will be deducted, and any remaining money will be direct deposited to the student’s bank account.

You must be at least half time to receive Federal or MN state loans and work study (6 credits for undergraduate students and 3 graduate credits for students admitted to a graduate program). Students who have Federal or State work study positions receive their bi-weekly paychecks through direct deposit to their personal bank account.

You have the right to cancel all or a portion of a student loan any time within 14 days from the date of the disbursement. You may return any funds you do not wish to accept by returning that portion to the loan service directly or you may request that Winona State University cancel some or all of the loan and return the funds on your behalf.

Entrance interviews are required of all first time borrowers. These requirements affect student loan disbursement. Please read about Entrance Counseling requirements.

Federal loans must be certified by WSU by the last day of the loan period. Please complete all of your necessary steps prior to the end of the loan period, to allow for sufficient loan processing time.

Before any financial aid can be disbursed onto your account, all students must fill out a Direct Deposit Form. Third party Billing/Tuition Payment Procedures

If you are receiving financial assistance from a third party agency (Department of Vocational Rehabilitation, Job Service, Private Industry Council, etc.) you need to provide the Student Accounts Office with an authorization to bill your agency for tuition, fees, books, etc., billing to your agency does not occur until approximately three weeks into the semester and actual payment may not be received until three to four weeks after your agency is billed. Any other financial aid such as loans, grants, or scholarships will be applied to your account at their scheduled time. When your agency’s payment is received your account will be adjusted if your financial aid and third party billing exceeds what you owe WSU. WSU will then direct deposit the difference into your bank account.

Questions regarding this process should be directed to 507.457.5075.

Reminder:

Third party funding could affect your other financial aid. Please notify the Financial Aid Office:

E-mail: FinancialAid@winona.edu
Fax: 507.457.5628
Or send us a copy of the award notification you receive from the outside source.

Fee statement, tuition refunds, late payment, etc.

Information on WSU policies related to payment is provided in each semester class schedule.
Questions should be directed to the Student Accounts Office: 507.457.5075.

All students must have an accurate direct deposit authorization on record before any financial aid can be disbursed to your account.

Financial aid loans, scholarships and grants first pay your student account and then any overage is direct deposited to your personal bank account. You must be sure to confirm that funds are in fact in your account before attempting to use them. WSU cannot assume responsibility for your bank charges under any circumstances. If you are a new student, you will need to have your network user name and password, which is given to you when you receive your laptop.

If you are not required to have a laptop, contact the WSU Tech Support at 507.457.5240.

If you have any questions while filling out this form please call the WSU Student Accounts Office at 507.457.5075 or 800.342.5978 (ext. 5075).